Atlantic, Inc., held the following portfolio of securities on December 31, 2002 (the end of its first year of operations):
|
Market Value |
||
|
Cost |
(12/31/02) |
|
|
Trading securities. |
$18,700 |
$17,500 |
|
Available for sale securities |
21,350 |
22,000 |
|
Held to maturity securities |
15,000 |
15,700 |
No additional securities were bought or sold during 2003. On December 31, 2003, Atlantic’s securities had a fair market value of:
|
Trading securities |
$18,250 |
|
Available for sale securities |
22,500 |
|
Held to maturity securities |
15,300 |
Prepare the entries required at the end of 2002 and 2003 to properly adjust Atlantic’s portfolio of securities.